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Energy Minerals

CNOOC Ltd.

Company Background

CNOOC Ltd. is a core subsidiary of China National Offshore Oil Corp., or CNOOC, a major Chinese state-owned oil company under the direct control of the State Council of the People's Republic of China.

CNOOC Ltd.'s main business is exploring and developing offshore crude oil and natural gas fields. In line with government policy, the company has been engaged in offshore development in such areas as the East China Sea and the South China Sea. In recent years, CNOOC Ltd. has expanded through buyouts of foreign companies. The company's activities are closely watched at home and abroad.

The parent company was founded in 1982 to co-develop offshore oil fields with major players abroad, due to a lack of the necessary technology in China at the time. Since then, CNOOC has accumulated significant technical know-how through such partnerships. CNOOC is China's third-largest oil company after state-run players China Petrochemical Corp., or Sinopec Group, and China National Petroleum Corporation, or CNPC.

In 2005, CNOOC Ltd. made a move to acquire U.S. oil major Unocal, but the Chinese company withdrew its bid due to a backlash in the U.S. Congress. But the CNOOC group did not lose its appetite for overseas acquisitions. China Oilfield Services, a unit under CNOOC, bought Norwegian rival Awilco Offshore for $2.5 billion in 2008. CNOOC Ltd. acquired Canadian energy giant Nexen for $15.1 billion in 2013, putting the group among the ranks of the global oil industry heavyweights.

In line with Beijing's reform drive targeting state-owned enterprises, the CNOOC group is stepping up efforts to improve profitability by, for example, diversifying. In 2009, CNOOC launched retail gasoline sales. Also, the company has begun a project to construct charging stations for electric vehicles, aiming to strengthen its presence in the business-to-consumer market to improve profitability.

Business Summary

CNOOC Ltd. is an investment holding company, which engages in the exploration, development, production, and sale of crude oil, natural gas, and other petroleum products through its subsidiaries. It operates through the following segments: Exploration and Production, Trading Business, and Corporate. Its core operations areas is comprised of Bohai, Western South China Sea, Eastern South China Sea, East China Sea, Asia, Africa, North America, South America, Oceania, and Europe. The company was founded on August 20, 1999 and is headquartered in Hong Kong.

Financial Highlights

Dec 2019 HKDUSD
Revenue263,414.46M33,619.37M
Gross Profit119,849.30M15,296.26M
Operating income100,300.58M12,801.28M
Income before tax95,982.62M12,250.18M
Net income69,219.93M8,834.48M
EBITDA168,894.59M21,555.88M
Diluted EPS1.550.19
Dividends Per Share0.780.09
Total Assets847,594.41M108,780.30M
Total liabilities346,210.87M44,432.72M
Total equity501,339.91M64,341.99M
Operating cash flow139,098.66M17,753.05M
Currency in HKDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 211,391.44M 171,161.62M 214,860.44M 266,634.78M 263,414.46M
Gross Profit 46,122.30M 31,825.38M 75,856.97M 119,195.14M 119,849.30M
Operating income 26,207.76M 14,580.69M 59,065.72M 99,012.05M 100,300.58M
Income before tax 18,782.21M -6,074.60M 41,922.78M 95,163.76M 95,982.62M
Net income 24,973.04M 744.28M 28,454.72M 62,391.10M 69,219.93M
EBITDA 119,796.87M 96,939.01M 130,342.63M 162,259.52M 168,894.59M
Diluted EPS 0.55 0.01 0.63 1.39 1.55
Dividends Per Share 0.50 0.35 0.50 0.70 0.78
Total Assets 792,919.97M 711,423.33M 740,937.66M 782,719.47M 847,594.41M
Total liabilities 332,177.75M 284,834.40M 284,798.45M 303,872.10M 346,210.87M
Total equity 460,742.21M 426,588.92M 456,139.21M 478,835.96M 501,339.91M
Operating cash flow 96,207.79M 82,863.07M 106,575.20M 145,712.70M 139,098.66M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 27,267.26M 22,049.92M 27,571.60M 34,020.19M 33,619.37M
Gross Profit 5,949.29M 4,099.91M 9,734.21M 15,208.22M 15,296.26M
Operating income 3,380.52M 1,878.36M 7,579.50M 12,633.04M 12,801.28M
Income before tax 2,422.70M -782.56M 5,379.66M 12,142.03M 12,250.18M
Net income 3,221.25M 95.88M 3,651.40M 7,960.54M 8,834.48M
EBITDA 15,452.53M 12,488.18M 16,725.99M 20,702.84M 21,555.88M
Diluted EPS 0.07 0.00 0.08 0.17 0.19
Dividends Per Share 0.06 0.04 0.06 0.08 0.09
Total Assets 102,310.26M 91,759.26M 94,781.78M 99,972.47M 108,780.30M
Total liabilities 42,860.81M 36,737.89M 36,431.81M 38,811.92M 44,432.72M
Total equity 59,449.45M 55,021.36M 58,349.96M 61,159.09M 64,341.99M
Operating cash flow 12,409.78M 10,674.85M 13,676.08M 18,591.62M 17,753.05M

Valuation Measures

Dec 2019
PER8.35
ROA8.49%
ROE14.12%
Operating margin38.07%
Profit margin26.27%

Key executives

  • Chief Executive Officer & Executive Director: Ke Qiang Xu
  • President & Executive Director: Guang Jie Hu
  • Chief Financial Officer: Wei Zhi Xie
  • Joint Secretary & Compliance Officer: Xiaonan Wu
  • Chief Safety Officer, EVP & GM-Exploration: Yu Hong Xie

Shareholders

  • China State-Owned Assets Supervision & Admn Commission (64.4%)
  • The Vanguard Group, Inc. (1.2%)
  • BlackRock Fund Advisors (0.9%)
  • Hang Seng Investment Management Ltd. (0.7%)
  • Dimensional Fund Advisors LP (0.5%)
  • APG Asset Management NV (0.5%)
  • Norges Bank Investment Management (0.4%)
  • State Street Global Advisors Asia Ltd. (0.4%)
  • Schroder Investment Management Ltd. (0.3%)
  • Baillie Gifford & Co. (0.3%)

Contact Details

  • Website:http://www.cnoocltd.com
  • Address: 65th Floor, Bank of China Tower, 1 Garden Road, Hong Kong, Hong Kong
  • Phone: +852.2213.2500

Related Companies

  • CNOOC West Africa Petroleum E & P SA
  • CNOOC Madura Ltd.
  • China Offshore Oil Corporation E&P Services Mexico SAPI de CV
  • CNOOC International Energy Services (Beijing) Ltd.
  • CNOOC Iceland ehf
  • De cooperatieve vereniging CNOOC Netherlands UA
  • CNOOC Reserves Fund I Ltd
  • CNOOC Poleng Ltd.
  • CNOOC Renewable Energy Co., Ltd.
  • CNOOC U.K. Marketing Ltd.
  • CEPR Ltd.
  • Nexen Nigerian Holdings Cooperatief UA
  • Wascana Energy 2001 Ltd.
  • Nexen Petroleum Operations Yemen Ltd.
  • Nexen Petroleum Exploration & Production Nigeria Ltd.
  • Nexen Petroleum Deepwater Nigeria Ltd.
  • CNOOC Petroleum Colombia Ltd.
  • Nexen Oilfield Services Nigeria Ltd.
  • Nexen Oil & Gas Holdings U.S.A. LLC
  • CNOOC Holdings West Africa Ltd.
  • Nexen Energy Capital Management U.S.A., Inc.
  • CNOOC Energy Acquisitions Holdings Ltd.
  • CNOOC Petroleum Guyana Ltd.
  • CNOOC Canada Energy Ltd.
  • CanadianOxy Offshore Production Co.
  • Canadian Nexen Petroleum East Al Hajr Ltd.
  • CNOOC New Zealand E&P Ltd.
  • CNOOC Luxembourg Holding SARL
  • CNOOC Hainan Dock Ltd.
  • CNOOC Netherlands BV

Competitors

  • PetroChina Company Limited Class H
  • China Petroleum & Chemical Corporation Class H
  • Cenovus Energy Inc.
  • Imperial Oil Limited
  • Eco (Atlantic) Oil & Gas Ltd.
  • FAR Ltd
  • Hurricane Energy Plc
  • Indonesia Energy Corporation Limited
  • Jersey Oil & Gas PLC
  • Trinity Exploration & Production Plc
  • Blue Energy Limited
  • Hubei Guochuang Hi-Tech Material Co ltd Class A
  • PT Wintermar Offshore Marine Tbk
  • Taiwan Prosperity Chemical Corporation
  • TechnipFMC Plc
  • Vista Oil & Gas SA de CV Class A
Last Updated on 28 Oct, 2020

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